White Glove Service
If you have a client who you think is a candidate for white glove services, email firstname.lastname@example.org and we’ll set up a call to discuss.
POM Planning’s base AUM model is for the “typical” client. It’s priced well for the sophistication level of what clients receive.
Affluent clients—clients with significant wealth are a bit different than the “typical” client and many times will need a more hands-on approach when attempting to onboard them as AUM clients.
Most RIAs and even most B/Ds don’t have the ability to offer white glove services to an affluent client. POM Planning does this through its Advisory Board member Joseph Maas, CFA, CFP®, ChFC, CLU®, MSFS, CVA, ABAR, CM&AA, CCIM.
What does white glove entail?
1) In the education/sales process it means Joe will get on the phone and talk with the client. This can take multiple calls and several hours of everyone’s time.
2) Custom portfolio management—while we believe our portfolios at POM Planning are terrific, affluent clients, many times, want something custom. Joe can create custom portfolios with a certain amount of risk while trying to reach for a certain rate of return.
3) Hedge Funds—many times affluent clients will be candidates to use a hedge fund. Joe’s firm has two hedge funds that are unique platforms to use when trying to onboard more affluent clients.
4) Advanced Planning—while available to all clients of POM Planning affiliated advisors, affluent clients will need help with asset protection, estate planning, corporate buyouts, etc. Help on these topics will be overseen by Advisory Board member Roccy DeFrancesco, JD, CAPP, CMP who will bring in other team members as needed to help.
Minimum amount of AUM to be a candidate for white glove services?
A ballpark figure is $1 million in AUM but it could be lower.
And some clients with more than $1 million won’t need white glove.
Does it work?
One of the first clients to come on board through a POM Planning affiliated advisor was a $5 million dollar account. The client actually had $30 million, but after talking with Joe for a few hours, the client decided to start with investing $5 million. Hopefully, after time, the advisor will be able to bring on board more of the client’s remaining money.